The purpose of this filing is to submit an XBRL interactive data file in the manner provided by Rule 405 of Regulation S-T,
General Instruction C.3.(g) of Form N-1A, and Rule 497(c).

If you have any questions concerning this filing, please call
me at (202) 508-4671.

Sincerely,

/s/ Rajib Chanda

Rajib Chanda

EX-101.INS
2
mt3-20130228.xml
XBRL INSTANCE DOCUMENT
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compact * ~</div><div style="display:none">~ http://www.managersinvest.com/role/ScheduleAverageAnnualTotalReturnsTransposedManagersAMGFQGlobalEssentialsFund column period compact * ~</div>The Managers AMG FQ Global Alternatives Fund&#8217; s (the &#8220;Fund&#8221;) investment objective is to achieve total return.The Managers Frontier Small Cap Growth Fund's (the &#8220;Fund&#8221;) investment objective is to achieve long-term capital appreciation.The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>Managers AMG FQ Global Essentials Fund</b><div style="display:none">~ http://www.managersinvest.com/role/ScheduleAnnualFundOperatingExpensesManagersPIMCOBondFund column period compact * ~</div><div style="display:none">~ http://www.managersinvest.com/role/ScheduleExpenseExampleTransposedManagersPIMCOBondFund column period compact * ~</div><div style="display:none">~ http://www.managersinvest.com/role/ScheduleAverageAnnualTotalReturnsTransposedManagersPIMCOBondFund column period compact * ~</div><b>INVESTMENT OBJECTIVE</b><b>Managers PIMCO Bond Fund</b><b>FEES AND EXPENSES OF THE FUND </b>10681<b>INVESTMENT OBJECTIVE</b>354The Managers PIMCO Bond Fund's (the &#8220; Fund&#8221;) investment objective is to maximize total return consistent with the preservation of capital.27662248813881098<b>FEES AND EXPENSES OF THE FUND</b>The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage of the value of your investment)<b>EXPENSE EXAMPLE</b>0.27090.13860.09230.20550.0541-0.36680.21720.14760.05660.1253The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.This Example will help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The Example makes certain assumptions. It assumes that you invest $10,000 as an initial investment in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. It also assumes that your investment has a 5% total return each year and the Fund&#8217;s operating expenses remain the same. The Example reflects the impact of the Fund&#8217;s contractual expense limitation through March 1, 2014. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:0.12240.12530.12140.08650.16420.00720.01010.00740.0080.02040.06950.0660.07680.07760.03290.03772006-03-012006-03-01Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in stocks of companies principally engaged in the real estate industry, including Real Estate Investment Trusts (" REITs").<br /><br />For purposes of the Fund's investment policies, a company is in the real estate industry if it derives at least 50% of its revenues from, or if it has at least 50% of its assets in, companies principally engaged in the real estate industry, including REITs. The Fund is non-diversified and may hold a greater percentage of its assets in securities of a single issuer or a smaller number of issuers than a diversified fund. The Fund usually holds approximately 40 to 55 stocks.<div style="display:none">~ http://www.managersinvest.com/role/ScheduleAnnualFundOperatingExpensesManagersAMGTSCMGrowthEquityFund column period compact * ~</div><div style="display:none">~ http://www.managersinvest.com/role/ScheduleExpenseExampleTransposedManagersAMGTSCMGrowthEquityFund column period compact * ~</div><div style="display:none">~ http://www.managersinvest.com/role/ScheduleAverageAnnualTotalReturnsTransposedManagersAMGTSCMGrowthEquityFund column period compact * ~</div><b>Managers Frontier Small Cap Growth Fund</b>Calendar Year Total Returns as of 12/31/12 (Institutional Class)<b>PORTFOLIO TURNOVER</b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 375% of the average value of its portfolio.<b>Managers AMG TSCM Growth Equity Fund</b>The Managers AMG TSCM Growth Equity Fund's (the &#8220;Fund&#8221;) investment objective is to achieve long-term capital appreciation.<b>PRINCIPAL INVESTMENT STRATEGIES</b>This Example will help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The Example makes certain assumptions. It assumes that you invest $10,000 as an initial investment in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. It also assumes that your investment has a 5% total return each year and the Fund&#8217;s operating expenses remain the same. The Example reflects the impact of the Fund&#8217;s contractual expense limitation through March 1, 2014. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 0% of the average value of its portfolio.Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage of the value of your investment)<b>INVESTMENT OBJECTIVE</b><b>FEES AND EXPENSES OF THE FUND</b>Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes in bonds. The term "bond" includes any debt or fixed-income securities. The Fund may also invest in derivatives such as options, futures contracts, or swap agreements.<br/><br/> The Fund invests primarily in investment grade debt securities, but may invest up to 10% of its total assets in high yield securities ("junk bonds") rated B or higher by Moody's Investors Service, Inc. ("Moody's" ), or equivalently rated by Standard &amp; Poor's Corporation ("S&amp;P") or Fitch Ratings, or, if unrated, determined by Pacific Investment Management Company LLC ("PIMCO"), the Fund's subadvisor, to be of comparable quality. The Fund may invest up to 30% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest up to 15% of its total assets in securities and instruments that are economically tied to emerging market countries. The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets. The Fund may invest up to 10% of its total assets in equity-related securities (including preferred stock and convertible securities). The average portfolio duration of this Fund normally varies within two years (plus or minus) of the duration of the Barclays Capital U.S. Aggregate Index, as calculated by PIMCO, which as of February 20, 2013 was 5.23 years. The Fund may invest, without limitation, in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities, subject to applicable law and any other restrictions described in the Fund's prospectus or Statement of Additional Information. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short-sales.<br/><br/> The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy back, or dollar rolls). The total return sought by the Fund consists of income earned on the Fund's investment, plus capital appreciation, if any, which generally arises from decreases in interest rates, foreign currency appreciation, or improving credit fundamentals for a particular sector or security.Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage of the value of your investment)Best Quarter:The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 87% of the average value of its portfolio.<b>PRINCIPAL RISKS</b>2003-06-300.1552<b>EXPENSE EXAMPLE</b>Worst Quarter:This Example will help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The Example makes certain assumptions. It assumes that you invest $10,000 as an initial investment in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. It also assumes that your investment has a 5% total return each year and the Fund&#8217;s operating expenses remain the same. The Example reflects the impact of the Fund&#8217;s contractual expense limitation through March 1, 2014. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:2008-12-31-0.2177<b>PORTFOLIO TURNOVER</b><b>Managers Micro-Cap Fund</b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 38% of the average value of its portfolio.<b>PRINCIPAL INVESTMENT STRATEGIES</b><b>INVESTMENT OBJECTIVE</b>Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in stocks of U.S. small-capitalization companies. Frontier Capital Management Co., LLC, the Subadvisor of the Fund, generally considers a company to be a small-capitalization company if, at the time of purchase, its market capitalization is within the range of capitalizations of companies in the Russell 2000<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">&#174;</sup> Index, the S&amp;P SmallCap 600 Index, or the Dow Jones U.S. Small Cap Total Stock Market Index. As of May 31, 2012, the date of the latest reconstitution of the Russell 2000<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">&#174;</sup> Index, the range of market capitalizations was $101 million to $2.6 billion. As of December 24, 2012, the date of the last rebalancing of the Dow Jones U.S. Small Cap Total Stock Market Index, the range of market capitalizations was $686 million to $4.85 billion. As of December 26, 2012, the date of the last rebalancing of the S&amp;P SmallCap 600 Index, the range of market capitalizations was $44 million to $3.69 billion. These figures may fluctuate as market conditions change and during periods of increased market volatility. The Fund may retain securities that it already has purchased even if the company drops below or outgrows the capitalization range. The Fund primarily invests in common stocks and may invest in stocks that are traded in the over-the-counter (OTC) market.<br/><br/>Frontier utilizes and draws support from its entire team of investment professionals to identify opportunities and conduct fundamental research. Through fundamental bottom-up research Frontier seeks long-term capital appreciation by investing in small-capitalization companies that it believes have above-average earnings growth potential and are available at reasonable valuations.<b>PRINCIPAL RISKS</b>The Managers AMG FQ U.S. Equity Fund's (the &#8220; Fund&#8221;) investment objective is to achieve long-term capital appreciation.There is the risk that you may lose money on your investment. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (" FDIC") or any other government agency. Below are some of the risks of investing in the Fund. <br/><br/><b>Growth Stock Risk</b>&#8212;growth stocks may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits.<br/><br/> <b>Liquidity Risk</b>&#8212;particular investments, such as illiquid securities, may not be able to be sold at the price the Fund would like or the Fund may have to sell them at a loss. Investments in securities that trade in the over-the-counter market tend to involve greater liquidity risk.<br/><br/> <b>Market Risk</b>&#8212;market prices of securities held by the Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political, or market conditions. Equity investments generally have greater volatility than fixed income investments.<br/><br/> <b>Small-Capitalization Stock Risk</b>&#8212;the stocks of small-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.<b>PERFORMANCE</b>The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s performance compares to that of two broad-based securities market indices. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future.<br/><br/>The performance information shown for the Fund&#8217;s Service Class shares (formerly shares of Managers Small Cap Fund&#8217;s sole share class, which were reclassified and redesignated as Service Class shares effective January 1, 2010) includes historical performance of the Fund for periods prior to September 14, 2009. To obtain updated performance information please visit www.managersinvest.com or call 800.835.3879.Calendar Year Total Returns as of 12/31/12 (Service Class)<b>FEES AND EXPENSES OF THE FUND</b>Best Quarter: 24.80% (2nd Quarter 2003)<br/>Worst Quarter: -24.25% (4th Quarter 2008)Calendar Year Total Returns as of 12/31/12 (Service Class)Average Annual Total Returns as of 12/31/12After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Service Class shares only, and after-tax returns for Investor Class and Institutional Class shares will vary.Average Annual Total Returns as of 12/31/12<b>Managers Real Estate Securities Fund</b><b>INVESTMENT OBJECTIVE</b>Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage of the value of your investment)The Managers Real Estate Securities Fund&#8217;s (the &#8220;Fund&#8221;) investment objective is to achieve a combination of income and long-term capital appreciation.This Example will help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The Example makes certain assumptions. It assumes that you invest $10,000 as an initial investment in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. It also assumes that your investment has a 5% total return each year and the Fund&#8217;s operating expenses remain the same. The Example reflects the impact of the Fund&#8217;s contractual expense limitation through March 1, 2014. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 132% of the average value of its portfolio.There is the risk that you may lose money on your investment. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Below are some of the risks of investing in the Fund.<br/><br/><b>Credit Risk&#8212;</b> the issuer of bonds or other debt securities may not be able to meet interest or principal payments when the bonds come due. <br/><br/><b>Currency Risk&#8212;</b>fluctuations in exchange rates may affect the total loss or gain on a non-U.S. dollar investment when converted back to U.S. dollars.<br/><br/><b> Derivatives Risk&#8212;</b>the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses.<br/><br/><b> Emerging Markets Risk&#8212;</b>investments in emerging markets can be subject to the general risks of foreign investments, as well as additional risks which can result in greater price volatility. <br/><br/><b>Equity or Equity-Related Securities Risk&#8212;</b>the value of equity or equity-related securities may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities, and thus their value may rise and fall rapidly and unpredictably due to a variety of factors, including changing economic, political or market conditions. <br/><br/><b>Foreign Securities Risk&#8212;</b>securities or other investments of foreign issuers involve additional risks (such as risks arising from less frequent trading, changes in political or social conditions, and less publicly available information about non-U.S. issuers) that differ from those associated with investing in securities of U.S. issuers and may result in greater price volatility.<br/><br/><b> High Yield Risk&#8212;</b>below-investment grade debt securities and unrated securities of similar credit quality (commonly known as "junk bonds" or "high yield securities") may be subject to greater levels of interest rate, credit, and liquidity risk. <br/><br/><b>Inflation Risk&#8212;</b>the price of an asset, or the income generated by an asset, may not keep up with the cost of living. <br/><br/><b>Interest Rate Risk&#8212;</b>fixed-coupon payments (cash flows) of bonds and debt securities may become less competitive with the market in periods of rising interest rates and cause bond prices to decline. <br/><br/><b>Issuer Risk&#8212;</b> the risk that the value of the security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.<br/><br/><b> Leverage Risk&#8212;</b>borrowing, and some derivative investments such as futures and forward commitment transactions, may magnify smaller adverse market movements into relatively larger losses. <br/><br/><b>Liquidity Risk&#8212;</b>particular investments, such as illiquid securities, may not be able to be sold at the price the Fund would like or the Fund may have to sell them at a loss. <br/><br/><b>Market Risk&#8212;</b>market prices of securities held by the Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political, or market conditions. Equity investments generally have greater volatility than fixed income investments.<br/><br/><b>Mortgage-Related and Other Asset-Backed Securities Risk &#8212;</b> the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk and prepayment risk. <br/><br/><b>Political Risk&#8212;</b>changes in the political status of any country can have profound effects on the value of investments exposed to that country. <br/><br/><b>Prepayment Risk&#8212;</b>many bonds and debt securities have call provisions that may result in debtors paying back the debt prior to maturity during periods of decreasing interest rates. <br/><br/><b>Reinvestment Risk&#8212;</b>investors may have difficulty reinvesting payments from debtors and may receive lower rates than from their original investments. <br/><br/><b>Short Sales Risk&#8212;</b>the sale of a security that is borrowed may subject the Fund to potentially unlimited losses. <br/><br/><b>U.S. Government Securities Risk&#8212;</b>obligations issued by some U.S. Government agencies, authorities, instrumentalities, or sponsored enterprises such as Government National Mortgage Association ("GNMA"), are backed by the full faith and credit of the U.S. Government, while obligations issued by others, such as Federal National Mortgage Association ("FNMA"), Federal Home Loan Mortgage Corporation (" FHLMC"), and Federal Home Loan Banks ("FHLBs") are not backed by the full faith and credit of the U.S. Government and are backed solely by the entity's own resources or by the ability of the entity to borrow from the U.S. Treasury. If one of these agencies defaulted on a loan, there is no guarantee that the U.S. Government will provide financial support.The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s performance compares to that of a broad-based securities market index. The performance information for the Fund&#8217;s Investor Class shares (formerly Class A shares of the Fund, which were renamed Investor Class shares as of December 1, 2012) for periods prior to December 1, 2012 does not reflect the impact of the front-end and deferred sales charges (loads) that were in effect until December 1, 2012. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. To obtain updated performance information please visit www.managersinvest.com or call 800.835.3879.<b>EXPENSE EXAMPLE</b><b>PERFORMANCE</b>Best Quarter: 15.52% (2nd Quarter 2003)<br />Worst Quarter: -21.77% (4th Quarter 2008)Average Annual Total Returns as of 12/31/12<b>FEES AND EXPENSES OF THE FUND</b>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only, and after-tax returns for Investor Class shares will vary.The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s performance compares to that of a broad-based securities market index. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future.Calendar Year Total Returns as of 12/31/12The Managers AMG FQ Global Essentials Fund&#8217;s (the &#8220;Fund&#8221;) investment objective is to maximize total return.The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.Best Quarter: 8.20% (2nd Quarter 2009)<br/> Worst Quarter: -3.48% (3rd Quarter 2008)<b>INVESTMENT OBJECTIVE</b><b>FEES AND EXPENSES OF THE FUND</b><b>EXPENSE EXAMPLE</b>Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage of the value of your investment)After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Service Class and Institutional Class shares will vary.<b>PORTFOLIO TURNOVER</b><b>PRINCIPAL INVESTMENT STRATEGIES</b>Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage of the value of your investment)<b>PRINCIPAL RISKS</b><b>PERFORMANCE</b>Average Annual Total Returns as of 12/31/12This Example will help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The Example makes certain assumptions. It assumes that you invest $10,000 as an initial investment in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. It also assumes that your investment has a 5% total return each year and the Fund&#8217;s operating expenses remain the same. The Example reflects the impact of the Fund&#8217;s contractual expense limitation through March 1, 2014. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 43% of the average value of its portfolio.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.<b>PRINCIPAL INVESTMENT STRATEGIES</b><b>EXPENSE EXAMPLE</b>The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s performance compares to that of a broad based securities market index, the S&amp;P 500 Index, and to a composite index, 60% MSCI World Index and 40% Citigroup World Government Bond Index (&#8220;Managers AMG FQ Global Essentials Fund Composite Index&#8221;), which more accurately reflects the composition of the Fund&#8217;s portfolio. The Managers AMG FQ Global Essentials Fund Composite Index is calculated on both a hedged and unhedged basis, with respect to currency exchange rates, in the accompanying table. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future.<br/><br/>The performance information shown for the Fund&#8217;s Institutional Class shares (formerly shares of the Managers Fremont Global Fund&#8217;s sole share class, which were reclassified and redesignated as Institutional Class shares effective January 1, 2010) includes historical performance of the Fund for periods prior to September 28, 2009. To obtain updated monthly performance information please visit www.managersinvest.com or call 1.800.835.3879.This Example will help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The Example makes certain assumptions. It assumes that you invest $10,000 as an initial investment in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. It also assumes that your investment has a 5% total return each year and the Fund&#8217;s operating expenses remain the same. The Example reflects the impact of the Fund&#8217;s contractual expense limitation through March 1, 2014. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:<b>PORTFOLIO TURNOVER</b>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only, and after-tax returns for Investor Class and Service Class shares will vary.<b>PRINCIPAL RISKS</b>March 1, 2014This Example will help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The Example makes certain assumptions. It assumes that you invest $10,000 as an initial investment in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. It also assumes that your investment has a 5% total return each year and the Fund&#8217;s operating expenses remain the same. The Example reflects the impact of the Fund&#8217;s contractual expense limitation through March 1, 2014. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:0.38The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund&#8217;s Prospectus, which reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired funds.<b>PERFORMANCE</b>There is the risk that you may lose money on your investment.An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (" FDIC") or any other government agency.Calendar Year Total Returns as of 12/31/12 (Service Class)The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s performance compares to that of two broad-based securities market indices.800.835.3879www.managersinvest.com<b>PORTFOLIO TURNOVER</b>As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.After-tax returns are shown for Service Class shares only, and after-tax returns for Investor Class and Institutional Class shares will vary.Best Quarter:<b>Managers AMG FQ U.S. Equity Fund</b>2003-06-30Average Annual Total Returns as of 12/31/12<b>INVESTMENT OBJECTIVE</b><b>FEES AND EXPENSES OF THE FUND</b>0.248Annual Fund Operating Expenses<br />(expenses that you pay each year as a percentage of the value of your investment)Worst Quarter:2008-12-31<b>PORTFOLIO TURNOVER</b>-0.2425<b>PRINCIPAL INVESTMENT STRATEGIES</b><b>PRINCIPAL RISKS</b>Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of issuers located in the U.S. First Quadrant L.P. ("First Quadrant") considers issuers to be located in the U.S. if they are organized in the U.S., have their principal place of business in the U.S., or their securities are traded principally in the U.S.<br /><br />The Fund invests primarily in equity securities (generally common and preferred stocks) of large U.S. companies. The Fund may use derivatives, such as futures and options, for any reason, including to enhance return, earn income, or reduce exposure to other risks. The Fund may also use derivatives to attempt to maintain exposure to the equity markets while holding cash for temporary liquidity needs.There is the risk that you may lose money on your investment. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Below are some of the risks of investing in the Fund. <br /><br /><b>Derivatives Risk</b>&#8212;the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses.<br /><br /> <b>Growth Stock Risk</b>&#8212;growth stocks may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits.<br /><br /><b> Hedging Risk</b>&#8212;there is no guarantee that hedging strategies will be successful.<br /><br /><b> Large-Capitalization Stock Risk</b>&#8212;the stocks of large-capitalization companies are generally more mature and may not be able to reach the same levels of growth as the stocks of small- or mid-capitalization companies.<br /><br /><b> Leverage Risk</b>&#8212;borrowing, and some derivative investments such as futures and forward commitment transactions, may magnify smaller adverse market movements into relatively larger losses.<br /><br /><b> Market Risk</b>&#8212;market prices of securities held by the Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political, or market conditions. Equity investments generally have greater volatility than fixed income investments.<br /><br /><b> Small- and Mid-Capitalization Stock Risk</b>&#8212;the stocks of small- and mid-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.<b>PERFORMANCE</b>The Managers Micro-Cap Fund's (the &#8220; Fund&#8221;) investment objective is to achieve long-term capital appreciation.Calendar Year Total Returns as of 12/31/12 (Institutional Class)The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.Average Annual Total Returns as of 12/31/12<b>PRINCIPAL INVESTMENT STRATEGIES</b>1.32There is the risk that you may lose money on your investment.An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency.The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s performance compares to that of a broad-based securities market index.This Example will help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The Example makes certain assumptions. It assumes that you invest $10,000 as an initial investment in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. It also assumes that your investment has a 5% total return each year and the Fund&#8217;s operating expenses remain the same. The Example reflects the impact of the Fund&#8217;s contractual expense limitation through March 1, 2014. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:800.835.3879The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 64% of the average value of its portfolio.www.managersinvest.comAs always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.<b>PRINCIPAL RISKS</b>Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund&#8217;s Prospectus. The ratios reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired funds.March 1, 20143.75There is the risk that you may lose money on your investment.An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency.The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s performance compares to that of a broad-based securities market index.As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.Best Quarter:After-tax returns are shown for Institutional Class shares only, and after-tax returns for Investor Class shares will vary.2009-06-300.082Worst Quarter:2008-09-30-0.03480.00400.0030.00010.0071-0.00120.0059There is the risk that you may lose money on your investment. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Below are some of the risks of investing in the Fund.<br/><br/><b>Market Risk</b>&#151;market prices of securities held by the Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political, or market conditions. Equity investments generally have greater volatility than fixed income investments.<br/><br/><b>Non-Diversified Fund Risk</b>&#151;the Fund is non-diversified and therefore a greater percentage of holdings may be concentrated in a small number of issuers or a single issuer, such as a corporate or government entity, which can place the Fund at greater risk.<br/><br/><b>Real Estate Industry Risk</b>&#151;investments in the Fund may be subject to many of the same risks as a direct investment in real estate; in addition, equity REITs may be affected by changes in the value of their underlying properties.<br/><br/><b>Small-Capitalization Stock Risk</b>&#151;the stocks of small-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.There is the risk that you may lose money on your investment. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Below are some of the risks of investing in the Fund.<br/><br/> <b>Growth Stock Risk</b>&#8212;growth stocks may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits.<br/><br/><b>IPO Risk</b>&#8212;investing in initial public offerings (IPOs) is risky and the prices of stocks purchased in IPOs tend to fluctuate more widely than stocks of companies that have been publicly traded for a longer period of time. Stocks purchased in IPOs generally do not have a trading history, and information about the companies may be available for very limited periods.<br/><br/><b>Liquidity Risk</b>&#8212;particular investments, such as illiquid securities, may not be able to be sold at the price the Fund would like or the Fund may have to sell them at a loss.<br/><br/><b>Market Risk</b>&#8212;market prices of securities held by the Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political, or market conditions. Equity investments generally have greater volatility than fixed income investments.<br/><br/><b>Micro-Capitalization Stock Risk</b>&#8212;the stocks of micro-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.Under normal conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities (generally common and preferred stocks). The Fund seeks to achieve its investment objective by building a concentrated U.S. equity growth portfolio that the Subadvisor believes will generate positive returns over the long-term. The Subadvisor utilizes a bottom-up, fundamental, research-intensive approach to identify a select group of approximately 30-40 stocks which the Subadvisor believes will outperform the market. The Fund anticipates making investments in companies representing a broad range of market capitalizations, which generally may include large-, mid-, and small-capitalization growth companies. It is anticipated that the Fund's market capitalization will be weighted more heavily towards large- and mid-capitalization stocks. Additionally, the Fund may invest up to 10% of its assets in Initial Public Offerings ("IPOs"). The Subadvisor utilizes fundamental growth equity research which emphasizes the quality of a company's management, identifying superior business models that have a sustainable competitive advantage, and the potential for strong, consistent growth. Potential investments are normally generated through traditional financial analysis, company visits, and management assessments. The Fund seeks to outperform the Russell 3000<sup>&#174;</sup> Growth Index over a full market cycle. The Subadvisor may invest up to 20% of the Fund's net assets in foreign securities. To gain exposure to foreign issuers, the Fund may invest in American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") or ordinary shares of non-U.S. listed companies.There is the risk that you may lose money on your investment. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Below are some of the risks of investing in the Fund.<br/><br/><b>Focused Investment Risk</b>&#151;a greater percentage of the Fund's holdings may be focused in a smaller number of securities which may place the Fund at greater risk than a more diversified fund.<br/><br/><b>Foreign Securities Risk</b>&#151;securities or other investments of foreign issuers involve additional risks (such as risks arising from less frequent trading, changes in political or social conditions, and less publicly available information about non-U.S. issuers) that differ from those associated with investing in securities of U.S. issuers and may result in greater price volatility.<br/><br/><b>Growth Stock Risk</b>&#151;growth stocks may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits.<br/><br/><b>IPO Risk</b>&#151;investing in initial public offerings (IPOs) is risky and the prices of stocks purchased in IPOs tend to fluctuate more widely than stocks of companies that have been publicly traded for a longer period of time. Stocks purchased in IPOs generally do not have a trading history, and information about the companies may be available for very limited periods.<br/><br/><b>Large-Capitalization Stock Risk</b>&#151;the stocks of large-capitalization companies are generally more mature and may not be able to reach the same levels of growth as the stocks of small- or mid-capitalization companies.<br/><br/><b>Market Risk</b>&#151;market prices of domestic and foreign securities held by the Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political, or market conditions.<br/><br/><b>Sector Risk</b>&#151;companies or issuers that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase. Stocks in technology and industrials sectors currently, and may in the future, comprise a significant portion of the Fund's portfolio. The technology industries may be affected by technological obsolescence, short product cycles, falling prices and profits, competitive pressures and general market conditions. Industrial industries companies may be affected by general economic trends, including employment, economic growth and interest rates, changes in consumer confidence and spending, government regulation, commodity prices and competitive pressures.<br/><br/><b>Small- and Mid-Capitalization Stock Risk</b>&#151;the stocks of small- and mid-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s performance compares to that of a broad-based securities market index. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future.The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s performance compares to that of two broad-based securities market indices. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future.<br/><br/>Effective October 3, 2011, outstanding shares of the Fund&#8217;s sole class were reclassified and redesignated as Service Class shares of the Fund. To obtain updated performance information please visit www.managersinvest.com or call 800.835.3879.<b>PERFORMANCE</b>Best Quarter: 27.71% (2nd Quarter 2003)<br/>Worst Quarter: -24.71% (4th Quarter 2008)The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s performance compares to that of a broad-based securities market index and a specialized index reflecting the market in which the Fund primarily invests. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Service Class shares only, and after-tax returns for Investor Class and Institutional Class shares will vary.Calendar Year Total Returns as of 12/31/12After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Service Class shares only, and after-tax returns for Institutional Class shares will vary.The Fund seeks to provide a diversified, risk-balanced global market portfolio. The Fund also attempts to balance risk and return by gaining exposure, generally through derivative instruments, to global equities, debt and commodities utilizing a proprietary dynamic asset allocation process. Under normal circumstances, the Fund will invest at least 40% of its net assets, plus the amount of any borrowing for investment purposes, in investments (permitted by applicable law) of issuers organized, located, or doing a substantial amount of business outside the United States, including investments exposed to such issuers, and the Fund will invest in or have investments exposed to a minimum of three countries, including the United States.<br/><br/>Generally, the Fund intends to make allocations to the following asset classes: <ul type="square"><li style="margin-left:-20px"><blockquote>Global (U.S. and Non-U.S.) Equities &#151; Generally, exposure to global (U.S. and Non-U.S.) equities will be through futures on equity country indices, but the Fund may also seek to gain targeted exposure to various sectors through investments in exchange traded funds ("ETFs").</blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote> Sovereign (Foreign Country) Debt &#151; Generally, exposure to sovereign (foreign country) debt will be through futures on foreign country debt indices. Such investments may be used to increase income or hedge against the Fund's risks related to global equity exposure. </blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote>Inflation-Protected Securities &#151; Generally, exposure to inflation protected securities will be through investments in ETFs. Such investments may be used for hedging purposes. </blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote>High Yield Bonds &#151; Generally, exposure to high yield bonds will be through investments in ETFs. Such investments may be used for diversification purposes. </blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote>Commodities &#151; Generally, exposure to commodities will be through investments exposed to companies in the commodities sector and instruments linked to a commodity index or futures contract(s), particularly ETFs and exchange-traded notes ("ETNs").</blockquote></li></ul><br/>Assets are selected by the Subadvisor for inclusion based on their ability to efficiently diversify the portfolio across asset classes. Investment weights within asset classes are set with the objective of balancing risk. Applying this investment process, the Fund seeks to provide greater capital loss protection during down markets than traditional balanced portfolios, as well as participate in market gains.<br/><br/>In selecting equity investments for the Fund, First Quadrant is not constrained by any particular investment style or capitalization range. In selecting debt investments for the Fund, First Quadrant will have the flexibility to invest in debt-related investments of any credit quality and with any duration.<br/><br/>First Quadrant L.P. ("First Quadrant") serves as Subadvisor to the Fund and applies a proprietary, quantitatively based investment process designed to provide a diversified, risk-balanced global market portfolio. First Quadrant continually monitors the Fund's investments utilizing a risk based approach and seeks to dynamically rebalance the Fund to achieve an optimal total portfolio risk target. First Quadrant anticipates that the Fund generally will maintain exposures to developed markets, emerging markets, small capitalization securities, real estate investment trusts ("REITS"), sovereign debt, inflation protected securities, high yield bonds and commodities (through companies in the commodities sector, instruments linked to a commodity index or futures contract or otherwise). The Fund may achieve long and short exposure to global equity, bond, and currency markets through a wide range of derivative instruments and direct investments. The Fund typically will make extensive use of derivative instruments, including futures contracts on global equity and fixed-income securities and security indices (including broad-based security indices), options on futures contracts, securities and security indices, swap contracts and forward contracts, and also ETFs. The Fund may also invest directly in global equity securities (including investments in ETFs, common and preferred stock of U.S. and non-U.S. companies) and global fixed-income securities (including U.S. and non-U.S. corporate debt, zero coupon securities, inflation protected securities and debt securities guaranteed by U.S. and non-U.S. governments, their agencies or instrumentalities or supranational organizations such as the World Bank and the United Nations).<br/><br/>In addition, the Fund may invest in commodity-linked derivative instruments and investment vehicles that exclusively invest in various commodities or have economic exposure to commodities, such as ETFs that invest in securities of companies in the commodity sector and/or ETNs, including leveraged ETNs, linked to one or more commodity indices through commodity futures contracts.Best Quarter: 35.16% (3rd Quarter 2009)<br/>Worst Quarter: -37.94% (4th Quarter 2008)Average Annual Total Returns as of 12/31/12<b>Managers AMG FQ Tax-Managed U.S. Equity Fund</b><b>INVESTMENT OBJECTIVE</b>The Managers AMG FQ Tax-Managed U.S. Equity Fund&#8217;s (the &#8220;Fund&#8221;) investment objective is to achieve long-term after-tax returns for investors.0.006<b>FEES AND EXPENSES OF THE FUND</b>0The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.0.00750.00650.00750.00750.00010.0025Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage of the value of your investment)0.0126000.0082-0.00010.00860.00670.01250000.01920.01670.0142-0.0063-0.0063-0.00630.01190.00980.0079<b>Managers AMG FQ Global Alternatives Fund</b><b>INVESTMENT OBJECTIVE</b><b>FEES AND EXPENSES OF THE FUND</b>Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage of the value of your investment)The Fund seeks its investment objective from investments in the global equity, fixed income and currency markets, independent of market direction. The Fund seeks to generate returns through risk-controlled exposure to long and short positions in the global (U.S. and non-U.S.) equity, bond and currency markets through a wide range of derivative instruments and direct investments. Under normal circumstances, the Fund will invest at least 40% of its net assets, plus the amount of any borrowing for investment purposes, in investments (permitted by applicable law) of issuers organized, located, or doing a substantial amount of business outside of the United States, including investments exposed to such issuers, and the Fund will invest in or have investments exposed to a minimum of three countries, including the United States. The Fund's investment process involves an analysis of returns based on the (i) relative returns derived from global asset class performance (for example, how global stocks performed relative to global bonds and cash); (ii) relative returns within the equity asset class based on country (for example, how U.S. equities performed relative to other global equities); (iii) relative returns within the fixed-income asset class based on country (for example, how U.S. bonds performed relative to other global bonds); and (iv) risks associated with currencies (collectively, the "First Quadrant Analysis").<br/><br/> The Fund may achieve long and short exposure to global equity, bond, and currency markets through a wide range of derivative instruments and direct investments. The Fund typically will make extensive use of derivative instruments, including futures contracts on global equity and fixed-income securities and security indices (including broad-based security indices), options on futures contracts, securities and security indices, swap contracts and forward contracts. The Fund may also invest directly in global equity securities (including exchange-traded funds ("ETFs") and common and preferred stock of U.S. and non-U.S. companies) and fixed-income securities.<br/><br/> There are no limits on the amount of Fund assets that may be allocated to any one of the equity, bond, and currency asset classes; however, under normal circumstances, it is expected that no more than 50% of the Fund's exposure to such classes will be in currency forward contracts. Typically, the Fund expects to diversify its exposure among at least ten different countries, including the United States. In selecting equity investments for the Fund, First Quadrant is not constrained by any particular investment style or capitalization range. In selecting bond investments for the Fund, First Quadrant will have the flexibility to invest in debt-related investments of any credit quality and with any duration. The Fund is a "non-diversified fund," which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than a diversified fund. The Fund's investments in certain derivative instruments may be limited by tax considerations.<br/><br/> The Fund may enter into short sales of securities (including ETFs). A short sale involves the sale of a security that is borrowed from a broker or other institution to complete the sale. Short sales expose the Fund to the risk that it will be required to acquire, convert or exchange securities to replace the borrowed securities at a time when the securities sold short have appreciated in value, thus resulting in a loss to the Fund. The Fund's loss on a short sale is potentially unlimited because there is no upward limit on the price a borrowed security could attain.There is the risk that you may lose money on your investment. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) or any other government agency. Below are some of the risks of investing in the Fund. The Fund may gain exposure to the instruments mentioned below directly, by investing in securities, or indirectly through the use of derivatives, ETFs and ETNs.<br/><br/><b>Asset Allocation Risk</b>&#8212;the Fund&#8217;s investments may not be allocated in the best performing asset classes.<br/><br/><b>Commodities Exposure Risk</b>&#8212;exposure to commodities through investments exposed to companies in the commodities sector or commodity futures or otherwise may result in losses for the Fund. Commodity prices, and the value of stocks of companies exposed to commodities, and commodity futures prices, and therefore ETNs exposed to such commodity futures, can be extremely volatile and are affected by a wide range of factors, including market movements, supply and demand imbalances and inflationary trends.<br/><br/><b>Credit and Counterparty Risk</b>&#8212;the issuer of bonds, ETNs or other debt securities or a counterparty to a derivatives contract may not be able to meet interest, principal or settlement payments or otherwise honor its obligations.<br/><br/><b>Currency Risk</b>&#8212;fluctuations in exchange rates may affect the total loss or gain on a non-U.S. dollar investment when converted back to U.S. dollars.<br/><br/><b>Derivatives Risk</b>&#8212;the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses.<br/><br/><b>Emerging Markets Risk</b>&#8212;investments in emerging markets can be subject to the general risks of foreign investments, as well as additional risks which can result in greater price volatility.<br/><br/><b>Exchange-Traded Fund Risk</b>&#8212;because exchange-traded funds incur their own costs, investing in them could result in a higher cost to the investor.<br/><br/><b>Exchange-Traded Note Risk</b>&#8212;the value of an ETN may be influenced by fluctuations in the values of the underlying assets or instruments, time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in the underlying markets, changes in applicable interest rates, and changes in the issuer&#8217;s credit rating. The Fund bears any fees and expenses associated with investment in ETNs. There may be restrictions on the Fund&#8217;s right to redeem its investment in an ETN meant to be held to maturity, and it may be difficult for the Fund to sell its ETN holdings.<br/><br/><b>Foreign Investment Risk</b>&#8212;securities or other investments of foreign issuers involve additional risks (such as risks arising from less frequent trading, changes in political or social conditions, and less publicly available information about non-U.S. issuers) that differ from those associated with investing in securities of U.S. issuers and may result in greater price volatility.<br/><br/><b>Hedging Risk</b>&#8212;there is no guarantee that hedging strategies will be successful.<br/><br/><b>High Yield Risk</b>&#8212;below-investment grade debt securities and unrated securities of similar credit quality (commonly known as &#8220;junk bonds&#8221; or &#8220;high yield securities&#8221;) may be subject to greater levels of interest rate, credit, and liquidity risk.<br/><br/><b>Inflation Risk</b>&#8212;the price of an asset, or the income generated by an asset, may not keep up with the cost of living.<br/><br/><b>Interest Rate Risk</b>&#8212;fixed-coupon payments (cash flows) of bonds and debt securities may become less competitive with the market in periods of rising interest rates and cause bond prices to decline.<br/><br/><b>Large-Capitalization Stock Risk</b>&#8212;the stocks of large-capitalization companies are generally more mature and may not be able to reach the same levels of growth as the stocks of small- or mid-capitalization companies.<br/><br/><b>Leverage Risk</b>&#8212;borrowing, and some derivative investments such as futures and forward commitment transactions, may magnify smaller adverse market movements into relatively larger losses.<br/><br/><b>Liquidity Risk</b>&#8212;particular investments, such as illiquid securities, may not be able to be sold at the price the Fund would like or the Fund may have to sell them at a loss.<br/><br/><b>Market Risk</b>&#8212;market prices of securities held by the Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political, or market conditions. Equity investments generally have greater volatility than fixed income investments.<br/><br/><b>Political Risk</b>&#8212;changes in the political status of any country can have profound effects on the value of investments exposed to that country.<br/><br/><b>Prepayment Risk</b>&#8212;many bonds and debt securities have call provisions that may result in debtors paying back the debt prior to maturity during periods of decreasing interest rates.<br/><br/><b>Real Estate Industry Risk</b>&#8212;investments in the Fund may be subject to many of the same risks as a direct investment in real estate; in addition, equity REITs may be affected by changes in the value of their underlying properties.<br/><br/><b>Reinvestment Risk</b>&#8212;investors may have difficulty reinvesting payments from debtors and may receive lower rates than from their original investments.<br/><br/><b>Small- and Mid-Capitalization Stock Risk</b>&#8212;the stocks of small- and mid-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.<br/><br/><b>Sector Risk</b>&#8212;issuers that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase.<br/><br/><b>Tax Risk</b>&#8212;although the Fund is expected to qualify as a regulated investment company, it may not qualify, which could result in higher taxes to shareholders and imposition of tax at the Fund level.<br/><br/><b>U.S. Government Securities Risk</b>&#8212;obligations issued by some U.S. Government agencies, authorities, instrumentalities, or sponsored enterprises such as Government National Mortgage Association (&#8220;GNMA&#8221;), are backed by the full faith and credit of the U.S. Government, while obligations issued by others, such as Federal National Mortgage Association (&#8220;FNMA&#8221;), Federal Home Loan Mortgage Corporation (&#8220; FHLMC&#8221;), and Federal Home Loan Banks (&#8220;FHLBs&#8221;) are not backed by the full faith and credit of the U.S. Government and are backed solely by the entity&#8217;s own resources or by the ability of the entity to borrow from the U.S. Treasury. If one of these agencies defaulted on a loan, there is no guarantee that the U.S. Government will provide financial support.There is the risk that you may lose money on your investment. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) or any other government agency. Below are some of the risks of investing in the Fund. The Fund may gain exposure to the instruments mentioned below directly, by investing in securities, or indirectly through the use of derivatives and ETFs. <br /><br /> <b>Asset Allocation Risk</b>&#8212;the Fund&#8217;s investments may not be allocated in the best performing asset classes. <br /><br /> <b>Credit and Counterparty Risk</b>&#8212;the issuer of bonds or other debt securities or a counterparty to a derivatives contract may not be able to meet interest, principal or settlement payments or otherwise honor its obligations. <br /><br /> <b>Currency Risk</b>&#8212;fluctuations in exchange rates may affect the total loss or gain on a non-U.S. dollar investment when converted back to U.S. dollars. <br /><br /> <b>Derivatives Risk</b>&#8212;the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses. <br /><br /> <b>Exchange-Traded Fund Risk</b>&#8212;because exchange-traded funds incur their own costs, investing in them could result in a higher cost to the investor. <br /><br /> <b>Foreign Investment Risk</b>&#8212;securities or other investments of foreign issuers involve additional risks (such as risks arising from less frequent trading, changes in political or social conditions, and less publicly available information about non-U.S. issuers) that differ from those associated with investing in securities of U.S. issuers and may result in greater price volatility. <br /><br /> <b>Hedging Risk</b>&#8212;there is no guarantee that hedging strategies will be successful. <br /><br /> <b>Inflation Risk</b>&#8212;the price of an asset, or the income generated by an asset, may not keep up with the cost of living. <br /><br /> <b>Interest Rate Risk</b>&#8212;fixed-coupon payments (cash flows) of bonds and debt securities may become less competitive with the market in periods of rising interest rates and cause bond prices to decline. <br /><br /> <b>Leverage Risk</b>&#8212;borrowing, and some derivative investments such as futures and forward commitment transactions, may magnify smaller adverse market movements into relatively larger losses. <br /><br /> <b>Liquidity Risk</b>&#8212;particular investments, such as illiquid securities, may not be able to be sold at the price the Fund would like or the Fund may have to sell them at a loss. <br /><br /> <b>Market Risk</b>&#8212;market prices of securities held by the Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political, or market conditions. Equity investments generally have greater volatility than fixed income investments. <br /><br /> <b>Non-Diversified Fund Risk</b>&#8212;the Fund is non-diversified and therefore a greater percentage of holdings may be concentrated in a small number of issuers or a single issuer, such as a corporate or government entity, which can place the Fund at greater risk. <br /><br /> <b>Political Risk</b>&#8212;changes in the political status of any country can have profound effects on the value of investments exposed to that country. <br /><br /> <b>Prepayment Risk</b>&#8212;many bonds and debt securities have call provisions that may result in debtors paying back the debt prior to maturity during periods of decreasing interest rates. <br /><br /> <b>Reinvestment Risk</b>&#8212;investors may have difficulty reinvesting payments from debtors and may receive lower rates than from their original investments. <br /><br /> <b>Short Sales Risk</b>&#8212;the sale of a security that is borrowed may subject the Fund to potentially unlimited losses. <br /><br /> <b>Tax Risk</b>&#8212;although the Fund is expected to qualify as a regulated investment company, it may not qualify, which could result in higher taxes to shareholders and imposition of tax at the Fund level. <br /><br /> <b>U.S. Government Securities Risk</b>&#8212;obligations issued by some U.S. Government agencies, authorities, instrumentalities, or sponsored enterprises such as Government National Mortgage Association (&#8220;GNMA&#8221;), are backed by the full faith and credit of the U.S. Government, while obligations issued by others, such as Federal National Mortgage Association (&#8220;FNMA&#8221;), Federal Home Loan Mortgage Corporation (&#8220;FHLMC&#8221;), and Federal Home Loan Banks (&#8220;FHLBs&#8221;) are not backed by the full faith and credit of the U.S. Government and are backed solely by the entity&#8217;s own resources or by the ability of the entity to borrow from the U.S. Treasury. If one of these agencies defaulted on a loan, there is no guarantee that the U.S. Government will provide financial support.The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s performance compares to that of a broad-based securities market index. The performance information for the Fund&#8217;s Investor Class shares (formerly Class A shares of the Fund, which were renamed Investor Class shares as of December 1, 2012) for periods prior to December 1, 2012 does not reflect the impact of the front-end and deferred sales charges (loads) that were in effect until December 1, 2012. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. To obtain updated performance information please visit www.managersinvest.com or call 800.835.3879.Calendar Year Total Returns as of 12/31/12 (Investor Class)Best Quarter: 4.80% (3rd Quarter 2008)<br/>Worst Quarter: -6.08% (4th Quarter 2010)Average Annual Total Returns as of 12/31/120The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements may not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund&#8217;s Prospectus. The ratios reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired funds.There is the risk that you may lose money on your investment.<b>Non-Diversified Fund Risk</b>&#8212;the Fund is non-diversified and therefore a greater percentage of holdings may be concentrated in a small number of issuers or a single issuer, such as a corporate or government entity, which can place the Fund at greater risk.An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) or any other government agency.The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s performance compares to that of a broad-based securities market index.800.835.3879www.managersinvest.comAs always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future.0.01After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.0.010.01Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.After-tax returns are shown for Investor Class shares only, and after-tax returns for Service Class and Institutional Class shares will vary.000.00250.0040.0040.00151270.01160.01660.0141399-0.001-0.001-0.001<div style="display:none">~ http://www.managersinvest.com/role/ScheduleAnnualTotalReturnsManagersAMGFQU.S.EquityFundBarChart column period compact * ~</div>
0.01560.01310.01060.0170.0170.0170.0025006910.0070.00650.0050.0060.0060.00615220.0025000.00140.00140.00140.0060.02790.0040.00350.02490.0234-0.0071-0.0071-0.00710.0020.0020.0020.02080.01780.01630.01650.0120.0115-0.0006-0.0006-0.00060.01590.01140.010913110681542465387609788487162152192383192316488710.3380.33252111811660.12977276365900.337-0.15021345119411180.053230120.053327152563-0.36480.36220.02990.28830.03430.09350.08820.1605-0.0020.17160.07980.04771470.08621215124359031641647725170.19774631997-0.04398391723702195214970.01870.04840.01120.0862-0.03910.06980.05650.0422-0.05950.07520.02171590.05260.05140.05951331080.06335140.04390.04310.05184363598937626291957168214000.4430.10590.1080.15820.07460.56640.0979-0.02760.12260.0921-0.349-0.38180.28590.2976-0.03750.139511135962713920.19450.19770.19710.12930.19860.15210.11980.12480.12450.10730.12450.14692010-07-302010-07-302010-07-302010-07-302010-07-302010-07-300.02170.01560.01410.00050.00050.02550.00050.1712-0.0043-0.010.0033-0.00680.07180.01660.05080.0710.1148-0.0033-0.00110.01450.0008-0.02220.00082006-03-302006-03-302006-03-302006-03-302010-01-012010-01-012010-01-01<b>EXPENSE EXAMPLE</b>0.32370.2978-0.07470.12910.12910.08390.13140.14590.00220.03160.02710.15010.03490.10770.05820.0990.08850.0980.10930.12812010-01-012010-01-012010-01-01-0.02330.0242<div style="display:none">~ http://www.managersinvest.com/role/ScheduleAnnualTotalReturnsManagersPIMCOBondFundBarChart column period compact * ~</div>
0.06540.10050.13950.10180.0250.12620.1080.14320.19750.16<b>EXPENSE EXAMPLE</b>0.16350.0182<b>PORTFOLIO TURNOVER</b>0.02030.01460.03560.08780.08420.07750.08420.09720.25410.280.26530.09190.09640.0980.08510.06360.09780.10140.16<div style="display:none">~ http://www.managersinvest.com/role/ScheduleAnnualTotalReturnsManagersFrontierSmallCapGrowthFundBarChart column period compact * ~</div>
Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of issuers located in the U.S. First Quadrant L.P. ("First Quadrant") considers issuers to be located in the U.S. if they are organized in the U.S., have their principal place of business in the U.S., or their securities are traded principally in the U.S. The Fund invests primarily in equity securities (generally common and preferred stocks) of large U.S. companies. The Fund will ordinarily invest in approximately 75 to 250 stocks; however, the number of stocks will vary depending on market conditions and the size of the Fund.<br/><br/> First Quadrant will manage the Fund's portfolio to minimize taxable distributions to shareholders and will apply a variety of tax-sensitive investment techniques. The Fund can be expected to distribute a smaller percentage of its returns each year than other equity mutual funds that are managed without regard to tax considerations. The Fund may use derivatives, such as futures and options, for any reason, including to enhance return, earn income or reduce exposure to other risks.0.0079-0.00250.0010.0020.02020.01660.06490.05590.0520.04650.07380.071<b>PRINCIPAL RISKS</b>There is the risk that you may lose money on your investment. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Below are some of the risks of investing in the Fund.<br/><br/> <b>Derivatives Risk</b>&#8212;the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses. <br/><br/><b>Growth Stock Risk</b>&#8212;growth stocks may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits.<br/><br/><b>Large-Capitalization Stock Risk</b>&#8212;the stocks of large-capitalization companies are generally more mature and may not be able to reach the same levels of growth as the stocks of small- or mid-capitalization companies. <br/><br/><b>Market Risk</b>&#8212;market prices of securities held by the Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political, or market conditions. Equity investments generally have greater volatility than fixed income investments. <br/><br/><b>Small- and Mid-Capitalization Stock Risk</b>&#8212;the stocks of small- and mid-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies. <br/><br/><b>Tax Management Risk</b>&#8212;although the Fund is managed to minimize taxable distributions, it may not be able to avoid taxable distributions.0.09430.09790.16050.04620.06260.10872010-01-012010-01-012010-01-012010-01-012010-01-010.12462011-10-012011-10-012011-10-01<b>Managers California Intermediate Tax-Free Fund</b>0.87The Managers California Intermediate Tax-Free Fund's (the &#8220;Fund&#8221;) investment objective is to achieve income free from Federal and California state income taxes, including the alternative minimum tax (&#8220;AMT&#8221;).The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund&#8217;s Prospectus. The ratios reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired funds.Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage of the value of your investment)0.64The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund&#8217;s Prospectus. The ratios reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired funds.<b>PERFORMANCE</b><b>INVESTMENT OBJECTIVE</b>Calendar Year Total Returns as of 12/31/12 (Institutional Class)<b>FEES AND EXPENSES OF THE FUND</b>The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.Average Annual Total Returns as of 12/31/120.2278This Example will help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The Example makes certain assumptions. It assumes that you invest $10,000 as an initial investment in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. It also assumes that your investment has a 5% total return each year and the Fund&#8217;s operating expenses remain the same. The Example reflects the impact of the Fund&#8217;s contractual expense limitation through March 1, 2014. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:0.11870.0736The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund&#8217;s Prospectus. The ratios reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired funds.0.0040.12770.0838<b>PRINCIPAL INVESTMENT STRATEGIES</b>There is the risk that you may lose money on your investment.-0.3652There is the risk that you may lose money on your investment.0Best Quarter: 14.52% (3rd Quarter 2009)<br/>Worst Quarter: -25.90% (4th Quarter 2008)0.005An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only, and after-tax returns for Investor Class shares will vary.0.2334The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s performance compares to that of a broad-based securities market index. The performance information for the Fund&#8217;s Investor Class shares (formerly Class A shares of the Fund, which were renamed Investor Class shares as of December 1, 2012) for periods prior to December 1, 2012 does not reflect the impact of the front-end and deferred sales charges (loads) that were in effect until December 1, 2012. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. To obtain updated performance information please visit www.managersinvest.com or call 800.835.3879.0.12090.0090.07940.1986-0.0035The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s performance compares to that of two broad-based securities market indices.0.0055800.835.3879The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s performance compares to that of a broad-based securities market index and a specialized index reflecting the market in which the Fund primarily invests.www.managersinvest.comAs always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future.Best Quarter:2011-12-310.1269Worst Quarter:2011-09-30-0.1972<b>EXPENSE EXAMPLE</b>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.0.12620.12910.03160.099Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.0.1045After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.2010-01-01<div style="display:none">~ http://www.managersinvest.com/role/ScheduleAnnualFundOperatingExpensesManagersAMGFQGlobalAlternativesFund column period compact * ~</div>
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This Example will help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The Example makes certain assumptions. It assumes that you invest $10,000 as an initial investment in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. It also assumes that your investment has a 5% total return each year and the Fund&#8217;s operating expenses remain the same. The Example reflects the impact of the Fund&#8217;s contractual expense limitation through March 1, 2014. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.0.00010.00010.0001<div style="display:none">~ http://www.managersinvest.com/role/ScheduleAnnualTotalReturnsManagersAMGFQGlobalAlternativesFundBarChart column period compact * ~</div>
After-tax returns are shown for Service Class shares only, and after-tax returns for Institutional Class shares will vary.<div style="display:none">~ http://www.managersinvest.com/role/ScheduleAverageAnnualTotalReturnsTransposedManagersAMGFQGlobalAlternativesFund column period compact * ~</div>
0.4356252464March 1, 201410760.360.36As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future.There is the risk that you may lose money on your investment.An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency.The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s performance compares to that of a broad-based securities market index.800.835.3879The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 5% of the average value of its portfolio.www.managersinvest.comAs always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future.<b>PORTFOLIO TURNOVER</b>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.0.05After-tax returns are shown for Institutional Class shares only, and after-tax returns for Investor Class shares will vary.The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund&#8217;s Prospectus, which reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired funds.Best Quarter:2009-09-300.1452Worst Quarter:2008-12-31<b>PRINCIPAL INVESTMENT STRATEGIES</b>-0.259Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in intermediate-term California municipal bonds that are free from both Federal and California state income taxes, including the AMT. This policy is a fundamental policy of the Fund and may not be changed without shareholder approval.<br/><br/> The Fund is intended for California residents. The bonds in which the Fund typically invests have a rating comparable to the four highest ratings categories of Moody's Investors Services, Inc. ("Moody's") or Standard &amp; Poor's Corporation ("S&amp;P"), with a dollar-weighted average maturity of 3 to 10 years. The Fund is structured as a non-diversified fund and may hold a greater percentage of its assets in securities of a single issuer or a smaller number of issuers than a diversified fund. Although the Fund is structured as a non-diversified fund, it is likely to be diversified most of the time.There is the risk that you may lose money on your investment.Best Quarter:2003-06-300.2771Worst Quarter:2008-12-31-0.2471Best Quarter:As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future.2008-09-300.048Worst Quarter:2010-12-31-0.0608March 1, 2014An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) or any other government agency.There is the risk that you may lose money on your investment.0.0085The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s performance compares to that of a broad based securities market index, the S&amp;P 500 Index, and to a composite index, 60% MSCI World Index and 40% Citigroup World Government Bond Index (&#8220;Managers AMG FQ Global Essentials Fund Composite Index&#8221;), which more accurately reflects the composition of the Fund&#8217;s portfolio.0.00850.002500.00290.00290.01390.0114-0.0015There is the risk that you may lose money on your investment. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Below are some of the risks of investing in the Fund.<br/><br/> <b>Credit Risk</b>&#8212; the issuer of bonds or other debt securities may not be able to meet interest or principal payments when the bonds come due.<br/><br/> <b>Interest Rate Risk</b>&#8212;fixed-coupon payments (cash flows) of bonds and debt securities may become less competitive with the market in periods of rising interest rates and cause bond prices to decline.<br/><br/> <b>Liquidity Risk</b>&#8212;particular investments, such as illiquid securities, may not be able to be sold at the price the Fund would like or the Fund may have to sell them at a loss.<br/><br/> <b>Market Risk</b>&#8212;market prices of securities held by the Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political, or market conditions. Equity investments generally have greater volatility than fixed income investments.<br/><br/> <b>Municipal Market Risk</b>&#8212;factors unique to the municipal bond market may negatively affect the value of municipal bonds.<br/><br/> <b>Non-Diversified Fund Risk</b>&#8212;the Fund is non-diversified and therefore a greater percentage of holdings may be concentrated in a small number of issuers or a single issuer, such as a corporate or government entity, which can place the Fund at greater risk.<br/><br/> <b>Prepayment Risk</b>&#8212;many bonds and debt securities have call provisions that may result in debtors paying back the debt prior to maturity during periods of decreasing interest rates.<br/><br/> <b>Reinvestment Risk</b>&#8212;investors may have difficulty reinvesting payments from debtors and may receive lower rates than from their original investments.<br/><br/> <b>State Concentration Risk</b>&#8212;economic, political, or regulatory changes that affect California could adversely affect municipal bond issuers in California.-0.00151.800.835.38790.01240.0099www.managersinvest.com<b>PRINCIPAL RISKS</b><b>Non-Diversified Fund Risk</b>&#8212;the Fund is non-diversified and therefore a greater percentage of holdings may be concentrated in a small number of issuers or a single issuer, such as a corporate or government entity, which can place the Fund at greater risk.There is the risk that you may lose money on your investment.Best Quarter: 17.12% (2nd Quarter 2009)<br/>Worst Quarter: -17.72 (4th Quarter 2008)694101An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency.976347127861321351373Best Quarter:2009-09-300.3516The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s performance compares to that of a broad-based securities market index. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future.Worst Quarter:As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future.2008-12-31-0.3794<b>PERFORMANCE</b><div style="display:none">~ http://www.managersinvest.com/role/ScheduleAnnualTotalReturnsManagersAMGTSCMGrowthEquityFundBarChart column period compact * ~</div>
Calendar Year Total Returns as of 12/31/120.29290.11220.15460.1451Best Quarter: 4.40% (3rd Quarter 2004)<br/>Worst Quarter: -3.39% (4th Quarter 2010)After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.0.0975Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.-0.41060.2018After-tax returns are shown for Institutional Class shares only, and after-tax returns for Investor Class and Service Class shares will vary.0.23980.0190.1395Best Quarter:2009-06-300.1712Worst Quarter:Best Quarter:0.1365Worst Quarter:0.13790.09282008-12-310.16420.044-0.17720.00230.00280.0030.02040.07750.06930.0768-0.03390.02870.03772004-09-302006-03-012010-12-312006-03-010.05030.04320.02790.04540.0358-0.01360.07640.02480.09580.05940.13950.00390.0784<div style="display:none">~ http://www.managersinvest.com/role/ScheduleAnnualFundOperatingExpensesManagersMicro-CapFund column period compact * ~</div>
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Average Annual Total Returns as of 12/31/12After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.<div style="display:none">~ http://www.managersinvest.com/role/ScheduleAnnualTotalReturnsManagersMicro-CapFundBarChart column period compact * ~</div>
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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.<div style="display:none">~ http://www.managersinvest.com/role/ScheduleAnnualTotalReturnsManagersAMGFQGlobalEssentialsFundBarChart column period compact * ~</div>
The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s performance compares to that of a broad-based securities market index.As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future.<div style="display:none">~ http://www.managersinvest.com/role/ScheduleAnnualFundOperatingExpensesManagersCaliforniaIntermediateTax-FreeFund column period compact * ~</div>
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The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 36% of the average value of its portfolio.Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in U.S. micro-cap stocks. The Fund generally considers a stock to be a micro-cap stock if, at the time of purchase, its market capitalization is within the range of capitalizations of companies in the Russell Microcap&#174; Index. As of May 31, 2012, the range of market capitalizations for the Russell Microcap&#174; Index was $30 million to $565 million. The Fund may retain securities that it already has purchased even if the stock outgrows the capitalization limits. The Fund will invest in a combination of value-oriented and growth-oriented stocks.Best Quarter: 12.69% (4th Quarter 2011)<br/>Worst Quarter: -19.72% (3rd Quarter 2011)<div style="display:none">~ http://www.managersinvest.com/role/ScheduleAnnualFundOperatingExpensesManagersRealEstateSecuritiesFund column period compact * ~</div>
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March 1, 2014An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency.All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency.The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s performance compares to that of a broad-based securities market index.After-tax returns are shown for Service Class shares only, and after-tax returns for Investor Class and Institutional Class shares will vary.<b>EXPENSE EXAMPLE</b><b>PORTFOLIO TURNOVER</b><b>EXPENSE EXAMPLE</b><b>PRINCIPAL RISKS</b><b>PERFORMANCE</b><b>PRINCIPAL INVESTMENT STRATEGIES</b>Other2013-03-01<b>PORTFOLIO TURNOVER</b><b>PRINCIPAL INVESTMENT STRATEGIES</b><b>PRINCIPAL RISKS</b><b>PERFORMANCE</b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 36% of the average value of its portfolio.March 1, 2014<b>Non-Diversified Fund Risk</b>&#151;the Fund is non-diversified and therefore a greater percentage of holdings may be concentrated in a small number of issuers or a single issuer, such as a corporate or government entity, which can place the Fund at greater risk.March 1, 2014March 1, 2014March 1, 2014After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.0.010.01000.0070.00450.00010.00010.01710.0146-0.0027-0.00270.01440.0119The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus. The ratios reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired funds. Managers Investment Group LLC (the "Investment Manager") has contractually agreed, through at least March 1, 2014 to waive management fees and/or reimburse Fund expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts), brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses) to 1.24% of the Fund's average daily net assets subject to later reimbursement by the Fund in certain circumstances. In general, for a period of up to 36 months from the time of any waiver, reimbursement, or payment pursuant to the Fund's contractual expense limitation, the Investment Manager may recover from the Fund fees waived and expenses paid to the extent that such repayment would not cause the Fund's Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements to exceed the contractual expense limitation amount. The contractual expense limitation may only be terminated upon termination of the Fund's investment advisory agreement with the Investment Manager or by mutual agreement between the Investment Manager and the Fund's Board of Trustees. The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus. The ratios reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired funds. Managers Investment Group LLC (the "Investment Manager") has contractually agreed, through at least March 1, 2014, to waive management fees and/or reimburse Fund expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses) to 0.79% of the Fund's average daily net assets subject to later reimbursement by the Fund in certain circumstances. In general, for a period of up to 36 months from the time of any waiver, reimbursement, or payment pursuant to the Fund's contractual expense limitation, the Investment Manager may recover from the Fund fees waived and expenses paid to the extent that such repayment would not cause the Fund's Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements to exceed the contractual expense limitation amount. Under such arrangement, if the maximum amount of shareholder servicing fees and distribution and service (12b-1) fees were charged to the classes under the currect applicable plans, the total annual fund operating expenses (excluding the other items noted in the parenthtical above) of the Investor Class, Service Class, and Institutional Class would be 1.29%, 1.04% and 0.79%, respectively, of the average daily net assets of such classes. The contractual expense limitation may only be terminated upon termination of the Fund's investment advisory agreement with the Investment Manager or by mutual agreement between the Investment Manager and the Fund's Board of Trustees. Managers Investment Group LLC (the "Investment Manager") has contractually agreed, through at least March 1, 2014 to waive management fees and/or reimburse Fund expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts), brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses) to 0.58% of the Fund's average daily net assets subject to later reimbursement by the Fund in certain circumstances. In general, for a period of up to 36 months from the time of any waiver, reimbursement, or payment pursuant to the Fund's contractual expense limitation, the Investment Manager may recover from the Fund fees waived and expenses paid to the extent that such repayment would not cause the Fund's Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements to exceed the contractual expense limitation amount. The contractual expense limitation may only be terminated upon termination of the Fund's investment advisory agreement with the Investment Manager or by mutual agreement between the Investment Manager and the Fund's Board of Trustees. The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus, which reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired funds.Managers Investment Group LLC (the "Investment Manager") has contractually agreed, through at least March 1, 2014 to waive management fees and/or reimburse Fund expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of taxes, shareholder servicing fees, interest (including interest incurred in connection with bank and custody overdrafts), distribution and service (12b-1) fees, brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses) to 0.79% of the Fund's average daily net assets subject to later reimbursement by the Fund in certain circumstances. In general, for a period of up to 36 months from the time of any waiver, reimbursement, or payment pursuant to the Fund's contractual expense limitation, the Investment Manager may recover from the Fund fees waived and expenses paid to the extent that such repayment would not cause the Fund's Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements to exceed the contractual expense limitation amount. Under such arrangement, if the maximum amount of shareholder servicing fees and distribution and service (12b-1) fees were charged to the classes under the current applicable plans, the total annual fund operating expenses (excluding the other items noted in the parenthetical above) of the Investor Class and Institutional Class would be 1.04% and 0.79%, respectively, of the average daily net assets of such classes. The contractual expense limitation may only be terminated upon termination of the Fund's investment advisory agreement with the Investment Manager or by mutual agreement between the Investment Manager and the Fund's Board of Trustees.Managers Investment Group LLC (the "Investment Manager") has contractually agreed, through at least March 1, 2014 to waive management fees and/or reimburse Fund expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of taxes, shareholder servicing fees, interest (including interest incurred in connection with bank and custody overdrafts), distribution and service (12b-1) fees, brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses) to 0.99% of the Fund's average daily net assets subject to later reimbursement by the Fund in certain circumstances. In general, for a period of up to 36 months from the time of any waiver, reimbursement, or payment pursuant to the Fund's contractual expense limitation, the Investment Manager may recover from the Fund fees waived and expenses paid to the extent that such repayment would not cause the Fund's Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements to exceed the contractual expense limitation amount. Under such arrangement, if the maximum amount of shareholder servicing fees and distribution and service (12b-1) fees were charged to the classes under the current applicable plans, the total annual fund operating expenses (excluding the other items noted in the parenthetical above) of the Investor Class and Institutional Class would be 1.24% and 0.99%, respectively, of the average daily net assets of such classes. The contractual expense limitation may only be terminated upon termination of the Fund's investment advisory agreement with the Investment Manager or by mutual agreement between the Investment Manager and the Fund's Board of Trustees. The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements may not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus. The ratios reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired funds.Managers Investment Group LLC (the "Investment Manager") has contractually agreed, through at least March 1, 2014 to waive management fees and/or reimburse Fund expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses) to 1.49% of the Fund's average daily net assets subject to later reimbursement by the Fund in certain circumstances. In general, for a period of up to 36 months from the time of any waiver, reimbursement, or payment pursuant to the Fund's contractual expense limitation, the Investment Manager may recover from the Fund fees waived and expenses paid to the extent that such repayment would not cause the Fund's Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements to exceed the contractual expense limitation amount. Under such arrangement, if the maximum amount of shareholder servicing fees and distribution and service (12b-1) fees were charged to the classes under the current applicable plans, the total annual fund operating expenses (excluding the other items noted in the parenthetical above) of the Investor Class, Service Class, and Institutional Class shares would be 1.94%, 1.74% and 1.49%, respectively, of the average daily net assets of such classes. The contractual expense limitation may only be terminated upon termination of the Fund's investment advisory agreement with the Investment Manager or by mutual agreement between the Investment Manager and the Fund's Board of Trustees. The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of the Fund's Prospectus, which reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired funds. Managers Investment Group LLC (the "Investment Manager") has contractually agreed, through at least March 1, 2014 to waive management fees and/or reimburse Fund expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts), brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses) to 0.55% of the Fund's average daily net assets subject to later reimbursement by the Fund in certain circumstances. In general, for a period of up to 36 months from the time of any waiver, reimbursement, or payment pursuant to the Fund's contractual expense limitation, the Investment Manager may recover from the Fund fees waived and expenses paid to the extent that such repayment would not cause the Fund's Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements to exceed the contractual expense limitation amount. The contractual expense limitation may only be terminated upon termination of the Fund's investment advisory agreement with the Investment Manager or by mutual agreement between the Investment Manager and the Fund's Board of Trustees. Managers Investment Group LLC (the "Investment Manager") has contractually agreed, through at least March 1, 2014 to waive management fees and/or reimburse Fund expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses) to 0.89% of the Fund's average daily net assets subject to later reimbursement by the Fund in certain circumstances. In general, for a period of up to 36 months from the time of any waiver, reimbursement, or payment pursuant to the Fund's contractual expense limitation, the Investment Manager may recover from the Fund fees waived and expenses paid to the extent that such repayment would not cause the Fund's Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements to exceed the contractual expense limitation amount. Under such arrangement, if the maximum amount of shareholder servicing fees and distribution and service (12b-1) fees were charged to the classes under the current applicable plans, the total annual fund operating expenses (excluding the other items noted in the parenthetical above) of the Investor Class, Service Class, and Institutional Class would be 1.39%, 1.14% and 0.89%, respectively, of the average daily net assets of such classes. The contractual expense limitation may only be terminated upon termination of the Fund's investment advisory agreement with the Investment Manager or by mutual agreement between the Investment Manager and the Fund's Board of Trustees.Managers Investment Group LLC (the "Investment Manager") has contractually agreed, through at least March 1, 2014 to waive management fees and/or reimburse Fund expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses) to 1.05% of the Fund's average daily net assets subject to later reimbursement by the Fund in certain circumstances. Under such arrangement, if the maximum amount of shareholder servicing fees and distribution and service (12b-1) fees were charged to the classes under the current applicable plans, the total annual fund operating expenses (excluding the other items noted in the parenthetical above) of the Investor Class, Service Class, and Institutional Class would be 1.55%, 1.30% and 1.05%, respectively, of the average daily net assets of such classes. The contractual expense limitation may only be terminated upon termination of the Fund's investment advisory agreement with the Investment Manager or by mutual agreement between the Investment Manager and the Fund's Board of Trustees.EX-101.SCH
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mt3-20130228.xsd
XBRL TAXONOMY EXTENSION SCHEMA
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